12:20 PM EDT, 09/04/2024 (MT Newswires) -- (Updates with the latest stock movement in the first paragraph and headline.)

AST SpaceMobile ( ASTS ) shares were up past 18% in recent Wednesday trading after the company said it plans to launch its first five BlueBird satellites on or after Sept. 12 from Cape Canaveral, Florida.

The satellite manufacturing company said the satellites will support beta testing for AT&T ( T ) and Verizon (VZ) and are designed to deliver cellular broadband directly to standard smartphones.

AST said it expects to have $440 million in cash and equivalents on a pro forma basis as of June 30, including $155 million in expected warrant exchange proceeds. The company said it has $51.5 million in additional liquidity from a senior credit facility.

Shares of AST were up more than 10% in recent Wednesday premarket activity.

Price: 34.80, Change: +5.39, Percent Change: +18.33